He's getting his 15 minutes of fame, once the market turns around he'll still be predicting doom and gloom and everyone will realize he wasn't actually correct, he just said the same thing over and over until events matched his predictions (for awhile). Abby Joseph Cohen anyone????

He's right for now. That's the point.
I'll tell you something that you can put in the bank for the next decade: this is a short-term panic, not yet the start of a long-term depression. Off of this will come one more period of prosperity, which should last, if previous averages for the business cycle hold, about 4 years.
That's because, this time, the governments of the world still have the ammo to fight this one off. They won't the next time the cycle turns down.
The next one is the real depression. This one, as bad as it feels, is just the appetizer.
Roubini thinks it's the main course. By the time the real thing comes along, no one will remember who he is.

Cant argue that. Advances in technology are amazing. The global nature of this makes me disagree, but you may definitely be right. In your opinion would you consider this akin to the financial panic of 1907 with the Depression yet to come?

Well, I wasn't alive in 1907.
However, in 1967 to 1969, there were successive panics in the pound, the dollar, and the franc. No one remembers these because of all the other stuff going on in those years, but it was serious business for the world's governments and the international monetary system.
Nixon's closing of the gold window in 1971, which brought Bretton Woods to an end, was a sort of aftermath to that series of crises, and the starting gun to the stagflation of the Seventies.
I think of this as analogous to that '67-'69 crisis period. That one happened in the background, this one is going on with trumpets blaring.

He's right for now. That's the point.
I'll tell you something that you can put in the bank for the next decade: this is a short-term panic, not yet the start of a long-term depression. Off of this will come one more period of prosperity, which should last, if previous averages for the business cycle hold, about 4 years.
That's because, this time, the governments of the world still have the ammo to fight this one off. They won't the next time the cycle turns down.
The next one is the real depression. This one, as bad as it feels, is just the appetizer.
Roubini thinks it's the main course. By the time the real thing comes along, no one will remember who he is.

More...

Very interesting theory. What do you base it on other than Govts' still have the ammo? (being serious here, not a flame)

I only ask because I can't help but compare Obama's ideology, which comes to us in an almost daily policy change, to FDR's New Deal. FDR, like Obama surrounded himself with "progressive" thinkers who felt that Only Govt spending would get them out of fiscal crisis.

FDR, like Obama went after big businesses and the wealthy because he felt they were the root of all the country's problems. They both believe in big, BIG govt. However, the New Deal just prolonged and deepened the depression. Unemployment NEVER went below 14% in the 1930's and if WWII never came along I don't know what the fate of the USA would have been. So my point is, unless WWIII is around the corner and assuming the world survives it, I don't think the current "progressive" policies will pull us out of this one. Only drastic change in congress from the 2010 election will give us hope.

Hey, maybe the Mayans were right after all. Obama's term is up in 2012, hope he doesn't take us all with him!

He's right for now. That's the point.
I'll tell you something that you can put in the bank for the next decade: this is a short-term panic, not yet the start of a long-term depression. Off of this will come one more period of prosperity, which should last, if previous averages for the business cycle hold, about 4 years.
That's because, this time, the governments of the world still have the ammo to fight this one off. They won't the next time the cycle turns down.
The next one is the real depression. This one, as bad as it feels, is just the appetizer.
Roubini thinks it's the main course. By the time the real thing comes along, no one will remember who he is.

More...

It is not a "Panic" at all. This is an existential crisis. When you have institutions over 100 years old going bankrupt or on the verge of being bankrupt and when titans such as AIG and Citi shake you know something is not right.